Accountants define profit as "total revenue minus total cost,"
A) and so do economists.
B) but economists define profit as net revenue minus total cost.
C) but economists define profit as net cost minus total revenue.
D) but economists define profit as total cost minus total revenue.
E) but economists have long abandoned the concept of profit.
A
You might also like to view...
Which geographic coincidence affected gasoline prices the most during 2005?
A. A tsunami hit the one area in the world most responsible for producing U.S. gasoline, Indonesia. B. Two major hurricanes affected the refining intensive areas of New Orleans and Houston. C. An earthquake happened to hit the energy-sensitive areas in and around Iran. D. There were tornado related electrical outages in the industrial Midwest.
Describe the background factors that contributed to the Asian financial crisis
What will be an ideal response?
Which of the following is not considered a barrier to entry into a monopoly market?
A. an new product-type is offered. B. ownership of a key resource. C. government intervention. D. having a natural monopoly.
After the price of smartphone apps falls, Alex buys fewer flash drives but he buys a new smartphone. For Alex
A. smartphone apps and flash drives are complements, and smartphone apps and smartphones are substitutes. B. smartphone apps, flash drives, and smartphones are not all complements. C. smartphone apps, flash drives, and smartphones are all complements. D. smartphone apps and flash drives are substitutes, and smartphone apps and smartphones are complements.